Kraft Heinz Company: Catching up with Kraft Heinz

Research evidence excerpt

Kraft Heinz Company: Catching up with Kraft Heinz

Exhibit 1: KHC has shifted around its platform definitions since… Exhibit 2: …its presentation at CAGNY

Platform definitions as of 1Q26 earnings Platform definitions as of CAGNY in February

Platform Hold Win Win Big Platform Hold Win Win Big

Strategy Stabilize to defend Invest selectively Distort investment Defend market

Invest selectively Distort investment

Neutral growth Strategy share

outlook; higher Neutral growth

High growth, margin,

exposure to Attractive growth, outlook; High growth, margin,

and share position; Attractive growth,

commodity margin, and share; lower commodified and share position;

Global expansion margin, and share; low

volatility; higher private label exposure categories; higher Global expansion

opportunities private label exposure

private label private label opportunities

Attributes exposure Attributes exposure

Desserts, Snacking, Taste Elevation, Coffee, Meats, Hydration, Desserts, Taste Elevation,

Coffee, Meats,

Cheese, International Hydration, Ambient Categories Cheese Snacking Convenient Meals

Frozen

Categories Meals Meals Oscar Mayer,

Capri Sun, Jell-o, Heinz, Kraft Mac &

Oscar Mayer, Capri Sun, Heinz, Kraft Maxwell House,

Kraft Singles, Jell-o, Lunchables Cheese, Philadelphia

Maxwell House, Mac & Cheese, ABC, Key Brands Kraft Singles

Lunchables

Key Brands Bagel Bites Philadelphia Source: Company Presentations

Source: Company Presentations BofA GLOBAL RESEARCH

BofA GLOBAL RESEARCH

Price objective basis & risk

Kraft Heinz Company (KHC)

Our $21 price objective is based on 10x P/E multiple on our CY27 EPS estimate. This is

in-line to slightly below KHC's historical valuation multiple. FY26 resets as a deep

investment year, pressuring earnings short term with hopes to improve results across its